(Reuters) - Goldman Sachs Group Inc and Deutsche Bank AG were issued subpoenas by a U.S. Senate panel looking for evidence of fraud in the 2008 mortgage-market meltdown, the Wall Street Journal said, citing people familiar with the matter.
The paper said the focus of the investigation is on whether internal communications show executives at the banks had private doubts on the soundness of the mortgage-related securities they were putting together.
The article goes on to say that Washington Mutual now owned by J.P. Morgan and other banks as well have been or may have been served subpoenas by the U.S. Senate Permanent Subcommittee on Investigations.
This is just more of what I call "feel good" measures taken to show (dupe) the public into believing that our elected officials are on top of the situation. Please - we already have plenty of evidence of that. We know - by admission of some of the rating agency employees that the AAA ratings given to these securities were false which in my mind means fraudulent. Other reports and investigations over the past two years have provided that evidence as well. It is an issue that should be taken up by law enforcement not our Senate. This is a criminal matter that has stripped this country and its people of its wealth.
Now, the same Senate who participated and authorized billions of dollars be given to these banks"ters" wants to investigate them. By giving the banks all of that money does that not make the Senate complicit in their crimes? Are they not aiding and abetting their continued criminal activites?
There were reports also earlier this year from the FBI that they were investigating 17 banks whose names they would not disclose and about which no more has been heard. What happened to those investigations - if in fact they were real? Should not the Senate committee get that report from the FBI first? It could save them a lot of time and trouble. But then again, if there was evidence of wrongdoing found - and there must have been - then criminal charges would have to be filed and that, my friends, I don't believe will ever happen.
Of course there was and still is fraud. Even many of the current foreclosures are being accomplished by fraud. From where I sit, with over 35 years of experience in general real estate, real estate development, investing and mortgage financing, this was all a ponzi scheme that makes Bernard Madoff look like a minor league player doing the time for his major league buddies. What a guy!
Authors Note: I am a new contributor to this blog. My instructions were to find and link articles concerning Goldman Sachs and post them. However, I cannot help but add my commentary. If the publisher and other members of this blog would prefer I not do so - please so instruct me.
A little about me. I have been fighting to expose the truth and fraud by Wall Steet and Main Street banks for over two years now. Most of my work can be viewed on
TheMortaggeCornerFORUM. In addition, I have become a consumer advocate for people facing foreclosure educating them to defend and fight their foreclosures. The banks and Wall Street continue to commit fraud on the people and in the courts and this must stop. My views on this topic can be seen on TheForeclosureDetonatorFORUM.
I strongly believe that we must do what we can to take back control of our country and its economy. Exposing Goldman, J.P. Morgan, the rest of the financial industry along with The Federal Reserve and U.S. Treasury is just the right thing to do to save our country and preserve some level of a society for our children to enjoy.